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New Jersey Resources (NJR) investor relations material
New Jersey Resources Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Fiscal 2025 featured disciplined execution, strong performance, and robust investment, with a raised lower end of NFEPS guidance to $3.20–$3.30, above the 7–9% long-term growth target.
Net income for the nine months ended June 30, 2025, was $320.6M, up from $198.6M year-over-year, driven by higher base rates, a gain on the sale of residential solar assets, and increased natural gas prices.
Utility operations, especially NJNG, remain the primary earnings driver, with customer growth and favorable regulatory outcomes.
Clean Energy Ventures placed 63MW in service YTD, completed a 91MW residential solar sale, and maintains a robust pipeline.
Total assets increased to $7.27B as of June 30, 2025, primarily due to utility plant investments and higher receivables.
Financial highlights
Year-to-date NFE reached $313.4M or $3.13 per share, up nearly 55% year-over-year; Q3 NFE was $6.2M, a $15.1M improvement from Q3 2024.
Operating revenues for the nine months were $1.70B, up 21% year-over-year; Q3 revenues were $298.9M.
Utility gross margin for NJNG was $595.2M for the nine months, up from $477.2M year-over-year.
Cash flows from operations for the first nine months were $385.2M, up from $362.9M year-over-year.
Capital expenditures for the first nine months were $456.8M, with $310.1M in utility plant and $129.9M in solar equipment.
Outlook and guidance
Fiscal 2025 NFEPS guidance raised to $3.20–$3.30, above the long-term 7–9% growth target, driven by utility and solar performance.
Over 70% of FY2025 NFEPS expected from utility operations, excluding the gain from the solar portfolio sale.
Planned capital expenditures for FY2025–2026 are $1.3–$1.6B, with $650M–$770M in FY2025.
Dividend growth targeted at 7–9% annually, with FY2025 dividend per share at $1.80.
Management expects existing borrowing capacity, equity proceeds, and cash flows to cover capital and dividend needs for at least the next 12 months.
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